20th Feb 2015 08:36
LONDON (Alliance News) - Chariot Oil and Gas Ltd Friday said it has begun shooting the 2D seismic survey over a large area covering its licenses in Namibia with its partners.
The company said it is conducting the survey, which will take two weeks to complete, in conjunction with its partners on the central blocks 2312 and 2412A offshore Namibia.
Its partners are AziNam, which holds a 20% stake, NAMCOR, with a 10% stake, and Ignitus, which holds a 5% stake. Chariot holds the 65% balance.
The survey is being shot over a total of 1,700 kilometres, and will allow the company and its partners to design the location and size of the 3D seismic survey, which needs to be completed under the company's current exploration license, Chariot said.
Chariot shares were up 0.7% Friday morning at 8.76 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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